What is the Value of Studying Statistics?

What is the Value of Studying Statistics?

http://www.youtube.com/watch?v=9QBv2CFTSWU&feature=player_embedded

So, what is the value of studying statistics?

• It provides a way of seeing information that may be hidden in the details of very large numbers.

• It makes relationships more obvious so that they can be used in decision-making.

• It provides a way of comparing across groups, situations, and time.

• It gives you more control of your life by giving you information needed to make decisions.

One More Reason – to Avoid Saying Silly Things

• “My local newspaper is trying to make a big deal out of the fact there was a 1.5% absentee rate for teachers on the first day of school. That doesn’t seem so bad to me.”

• “I handled a grievance where the school administrators were livid that 40% of the time teachers called in sick were on Fridays and Mondays. Their position was that teachers were lazy and goof off all the time.”– 40% of the work days are Mondays and Fridays.

Does Youth Have an Advantage in the Job Market?

Probably Not

http://manyeyes.alphaworks.ibm.com/manyeyes/visualizations/unemployment-rates-by-age-sex-and-ma

Source: http://www.bls.gov/data/

CA unemployment rate = 7.8% in Feb, 2015; 7.4% for Los Angeles County, 6.7% for San Bernardino County, 6.9% for Riverside county

Why it will take a while for recovery, despite decreases in the unemploymnet rate.

Unemployment is Lower for College Grads

Average Annual Income by Educational Attainment for Persons over Age 25

(2002)

$19K $23K$29K

$35K $36K

$53K$61K

$90K

$113K

< 9th Grade Some HS HSGraduate

SomeCollege

Associates Bachelors Masters Doctoral Professional

Source: US Census Bureau, Current Population Survey, March 2003 Demographic Supplement

$50,856

California unemployment rate = 7.8% in February, 2015.

$28,000

$40,000

$35,000

$65,000

25 55

HS Degree

College Degree

The College ExperienceBefore agreeing to work an extra 10 hours per week for extra spending money and replacing 10 hours of studying, compare the hourly pay of the job with

the lifetime value of studying.

$8/ hour x 10 hours = $80---------or---------

$555/hour x 10 hours = $5,550